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Statement from Americans for Tax Fairness Following House Vote to Repeal Estate Tax, Giving Wealthiest 0.2% a $269 Billion Tax Break

Conservatives’ Arguments Relied Entirely on Falsehoods

Washington, D.C. – Frank Clemente, executive director of Americans for Tax Fairness, released the following statement today after the U.S. House of Representatives voted 240-179 to repeal the federal estate tax:

“One day after working Americans paid their fair share of taxes, conservatives in the House voted for a $269 billion tax giveaway to the estates of multi-millionaires and billionaires, the wealthiest 0.2% among us. Their heirs will get a$3 million tax break on average, swelling the bank accounts of the already wealthy while slashing revenue needed to protect critical services and make new investments to create a more productive economy.

“The American people want an economy that works for everyone, not just the wealthy few. The $269 billion in tax breaks for the rich could be spent sending low- and moderate-income kids to preschool, or expanding Pell Grants so more young people can attend college, or making any number of other investments to help level the playing field for average Americans. Instead, today’s House vote will only exacerbate inequality in America.

“It’s important to note that throughout the debate, House conservatives were anything but honest about their intentions. They resorted to pushing outright falsehoods about who benefits from repeal, even as the facts provedthat only the wealthiest 0.2% stand to benefit. As more and more conservatives claim to care about inequality in America, today’s vote shines a bright light on their hypocrisy.”

 

Americans for Tax Fairness is a diverse coalition of 425 national and state endorsing organizations that collectively represent tens of millions of members. The organization was formed on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. ATF is playing a central role in Washington and in the states on federal tax-reform issues.

PRESS CONTACT
Peter Knudsen, Communications Director, Americans for Tax Fairness
pknudsen@americansfortaxfairness.org
(202) 454-6198 (o)